Camden(US:CPT)2024-11-01 16:09Financial Performance - Property revenues for the three months ended September 30, 2024, were $387,232,000, a slight decrease of 0.4% compared to $390,778,000 for the same period in 2023[7]. - Net income attributable to common shareholders for the three months ended September 30, 2024, was a loss of $4,204,000, compared to a profit of $47,963,000 in the same period of 2023[7]. - Earnings per share (EPS) for the three months ended September 30, 2024, were $(0.04), down from $0.44 in the same period of 2023[7]. - Comprehensive income (loss) for the three months ended September 30, 2024, was $(1,980,000), compared to $50,177,000 for the same period in 2023[7]. - For the nine months ended September 30, 2024, property revenues totaled $1,157,523,000, a slight increase from $1,154,440,000 in the same period of 2023[7]. - Net income for the nine months ended September 30, 2023, is $186,378, compared to $128,231 for the same period in 2024[19]. - Funds from operations (FFO) for the three months ended September 30, 2024, were $181.5 million, a decrease from $191.2 million in the same period of 2023[92]. - Core funds from operations for the three months ended September 30, 2024, were approximately $188.1 million, compared to $190.7 million for the same period in 2023, reflecting a decrease of 0.8%[94]. Property Expenses - Total property expenses for the three months ended September 30, 2024, were $143,360,000, an increase of 2% from $140,105,000 in the same period of 2023[7]. - Total property expenses increased by $3.3 million (2.3%) for the three months and $8.4 million (2.0%) for the nine months ended September 30, 2024, compared to the same periods in 2023[79]. - Higher property expenses for the nine months ended September 30, 2024, were primarily due to a $5.0 million increase in salaries and benefits and a $3.9 million increase in utilities expenses[80]. Equity and Cash Distributions - The company declared cash distributions of $3.09 per common share, totaling $340,603,000 for the nine months ended September 30, 2024[10]. - Cash distributions declared to equity holders for the three months ended September 30, 2023, amounted to $110,456, with a distribution of $1.00 per common share[16]. - Total equity as of September 30, 2024, was $4,814,278,000, reflecting changes in net income and distributions[10]. - Total equity as of September 30, 2023, is $4,934,979, an increase from $4,991,542 as of June 30, 2023[16]. Impairments and Development - The company reported an impairment associated with land development activities of $(40,988,000) for the three months ended September 30, 2024[7]. - The company incurred an impairment associated with land development activities amounting to $40,988 for the nine months ended September 30, 2023[19]. - The company estimated an additional cost of approximately $267.0 million to complete five properties currently under construction[48]. - The total additional cost to complete construction of five properties under construction is estimated at approximately $267.0 million[62]. Debt and Financing - As of September 30, 2024, total notes payable was $3,451.8 million, down from $3,715.4 million as of December 31, 2023[39]. - The company has an unsecured revolving credit facility of $1.2 billion maturing in August 2026, with $1.0 billion available as of September 30, 2024[39]. - In January 2024, the company issued $400.0 million of 4.90% senior unsecured notes, with net proceeds of approximately $394.8 million after expenses[41]. - The company repaid a $300.0 million, 6.21% unsecured term loan early, incurring approximately $0.9 million in expenses related to unamortized loan costs[41]. Property Management and Operations - The company owned interests in, operated, or was developing 177 multifamily properties with a total of 59,996 apartment homes as of September 30, 2024[21]. - The average residential lease term as of September 30, 2024, was approximately fourteen months, with total anticipated property revenue from existing leases amounting to $994.7 million[29][30]. - The company has five properties under construction, which will consist of a total of 1,746 apartment homes when completed[21]. - The company plans to continue evaluating future development starts based on market, economic, and capital market conditions[62]. Legal and Regulatory Matters - The company is involved in various legal proceedings, including antitrust allegations, but believes these lawsuits are without merit[48]. - Recent accounting standards updates will require additional disclosures regarding segment reporting and income tax information, effective for annual periods beginning after December 15, 2023, and December 15, 2024, respectively[30]. - The SEC's climate-related disclosure rules are currently stayed due to legal challenges, with an unclear timeline for implementation[30]. Non-Property Income and Expenses - Non-property income increased significantly, with total non-property income of $11.0 million for the three months ended September 30, 2024, compared to a loss of $2.2 million in the same period in 2023[85]. - Interest and other income rose approximately $1.0 million (N/A) and $3.9 million (N/A) for the three and nine months ended September 30, 2024, respectively, primarily due to higher investment interest income[86]. - General and administrative expenses rose approximately $3.3 million (21.2%) and $6.9 million (14.8%) during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023[87]. Shareholder Actions - During the nine months ended September 30, 2024, the company repurchased 515,974 common shares for approximately $50.0 million, averaging $96.88 per share, with $450.0 million remaining under the repurchase plan[34]. - The company created a new at-the-market share offering program in May 2023, allowing for the sale of common shares up to $500.0 million for general corporate purposes[34]. - The company has not sold any shares or entered into any forward sales agreements under the 2023 ATM program as of the date of the filing[36].